The Islamic Corporation for the Development of the Private Sector (ICD) and International Association of Islamic Business (IAIB) sign a MoU to cooperate in the development of private sector

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private arm of Islamic Development Bank Group (IDBG), and International Association of Islamic Business (IAIB), signed a Memorandum of Understanding (MoU) to explore possible avenues for collaboration in enhancing business relations between entrepreneurs from Islamic countries and Russian Federation.

The two institutions are determined to collaborate on introducing Islamic banking products in Russia by attracting banks operating in accordance with Islamic principles and lobbying for changes in Russian banking legislation to incorporate Islamic banking.

ICD and IAIB also reached agreement to facilitate information and expertise exchange in order to develop effective cooperation, which may include organizing joint professional programs, market research, workshops, publications, study tours, and assisting in production and certification of halal goods.

On this occasion, Mr. Khaled Al-Aboodi, stated: “We look forward to strengthening mutual efforts in attraction of financing for the projects in CIS region and Islamic Countries; and we realize the many benefits of our close collaboration”.

Mr. Marat Kabayev, President of IAIB said, that the purpose of IAIB is to foster development of economic ties among Islamic countries, to promote Islamic Finance in Russia and attract investors from Islamic countries. “We consider ICD as our strategic partner in the region”.

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD): ICD (www.ICD-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.ICD-PS.org.

About International Association of Islamic Business: A non-commercial organization established in Moscow, Russia recently. The purpose of the IAIB is to foster development of economic ties among Islamic countries, to promote Islamic Finance in Russia and attract investors from Islamic countries.